Posts tagged as:

chapter 13 loan modification

Principle Reductions: Wipe Out Your 2nd Mortgage With Bankruptcy

by Moe Bedard

Millions of American homeowners are now upside-down on their home mortgage and they are looking for a way out. In some areas like the Inland Empire of California, local homeowners have seen values drop 30-50% and many are making a “business” decision to walk away without ever exploring ways to save their home. If you [...]

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U.S. Rep. Bill Delahunt is Co-sponsoring Bill to Give Bankruptcy Judges the Right to Modify Mortgages

by Moe Bedard

U.S. Rep. Bill Delahunt  is upset with uncooperative lenders and mortgage servicers and says he is co-sponsoring a bill to give bankruptcy judges the right modify mortgages for homeowners.

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Developers use new laws to stave off foreclosure

by Moe Bedard

As residential and commercial real-estate markets falter, developers are increasingly turning to bankruptcy to stave off foreclosure on their troubled properties.

In the past, developers often filed for bankruptcy for the entire company, tying up all properties owned by their companies.
Changes to tax law and the U.S. Bankruptcy Code in the past decade enable developers to [...]

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HUD Chief Questions McCain’s Bold Mortgage Plan

by Moe Bedard

“The housing crisis is the fault of predatory lenders, irresponsible buyers and careless Wall Street investors. I’m particularly amazed that people (on Wall Street) who had all these sophisticated models and were trained to analyze all this stuff bought it and distributed these loans around the world,” said HUD chief, Steve Preston, in a town hall [...]

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Provision to Alter Loans Is Sought

by Moe Bedard

A push by Democrats to include in the proposed Wall Street bailout new legislation that would allow U.S. judges to modify mortgages for people in bankruptcy potentially could save hundreds of thousands of homeowners from future foreclosure, judges and other legal experts say.
The provision is being demanded as part of an effort to make the [...]

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